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In Australia and New Zealand, EFTPOS is also the brand name for the interbank electronic payment system network used for facilitating eftpos types of payments. Other countries use different brand names for their EFTPOS systems, such as NETS in Singapore , Interlink in the United States or Link in the UK .
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PAX Technology S90 credit card terminal with a Visa card inserted.. A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly" [1]), is a device which interfaces with payment cards to make electronic funds transfers.
It uses the Triple DES cryptographic system, which is standard in financial cards and has been approved in New Zealand as a secure mechanism for connection through to the EFTPOS network. The Snapper system is an adaptation of the T-money system used in South Korea. [29] [30]
Tyro was founded in 2003 by Peter Haig, Andrew Rothwell and Paul Wood as MoneySwitch Ltd. Tyro was the first new entrant into the Australian EFTPOS business since 1996. [1] It was the second company in Australia to be granted a Specialist Credit Card Institution (SCCI) licence [2] after GE Capital.
One of the disadvantages of New Zealand's well-established EFTPOS system is that it is incompatible with overseas systems and non-face-to-face purchases. In response to this, many banks since 2005 have introduced international debit cards such as Maestro and Visa Debit which work online and overseas as well as on the New Zealand EFTPOS system.
Electronic funds transfer at point of sale (EFTPOS) are transfers resulting from credit or debit card transactions initiated through a payment terminal; Web/Internet Online Payments (E-commerce payment system) Wire transfer via an international banking network such as Society for Worldwide Interbank Financial Telecommunication (SWIFT) Real-time ...
EFTPOS New Zealand Limited [62] New Zealand $70M Provides computer terminals and online payment gateway December 2012 Sektor Group United Arab Emirates $8.2M Provides EFT-POS systems March 2012 Lift Retail Marketing [63] USA n.a. Provides digital marketing systems November 2011 Point International AB [64] Sweden $818M